Bitcoin is currently trading at approximately $67,908, showing a 2.61% increase since July 26, 2024. This upward movement has heightened interest among traders and analysts, who are now closely watching Bitcoin’s price action as it hovers near its 2021 all-time highs. The cryptocurrency is approaching a critical juncture that could see it move significantly higher.

Bitcoin Bullish price action pattern 

Crypto analyst Jelle has pointed out a crucial technical pattern forming in Bitcoin’s chart: the “descending broadening wedge.” This pattern is characterized by a sequence of lower highs and lower lows with an expanding gap, which typically signals a potential reversal from a downtrend to an uptrend.

According to Jelle, Bitcoin’s price appears poised for a breakout from this pattern, with an initial target set at $85,000. This target represents a 15% increase from Bitcoin’s current all-time high of $73,679, reached in March.

Recent price action has been particularly noteworthy. On July 21, 2024, Bitcoin experienced a significant rebound from below crucial support levels. The price recovered from $55,854 to $68,181, demonstrating resilience. The next critical level for Bitcoin traders is reaching $69,000, which aligns with the cryptocurrency’s previous all-time high from November 2021. 

If Bitcoin achieves this level, it could trigger the liquidation of approximately $929.65 million in short positions, as per CoinGlass data. This potential liquidation could amplify the upward momentum, adding to the bullish sentiment.

Upcoming resistance level in BTC

Despite the positive outlook, some analysts, including the pseudonymous trader Emperor, urge caution. Emperor notes that Bitcoin might face resistance as it approaches the $72,000 level, suggesting that the path to higher targets may encounter obstacles. This insight highlights the complexities of navigating Bitcoin’s price movements in the current market environment.

Adding to the market’s intrigue is the upcoming Bitcoin 2024 conference in Nashville, Tennessee, where former U.S. President Donald Trump is scheduled to speak. There is speculation that Trump might announce a strategic Bitcoin reserve plan if re-elected.

This potential development has traders on edge, with many hesitant to take short positions due to the possibility of a significant price surge if Trump’s announcement is favorable to Bitcoin. Markus Thielen, CEO of 10x Research, pointed out that traders are waiting for this event, as such an announcement could lead to a substantial upward price gap.

As Bitcoin continues to trade within a larger range, traders and investors are closely monitoring these key levels and upcoming events to navigate the next potential moves in the cryptocurrency market. With both technical indicators and high-profile events influencing the market, Bitcoin’s future trajectory remains a topic of intense speculation and interest.

In this bullish market sentiment, a top digital asset Solana (SOL) once again outperforms BNB (BNB) and becomes 4th biggest crypto asset by market capitalization. Following SOL’s impressive performance, a YouTube video of Raoul Pal, CEO of Real Vision and a well-known financial analyst has made an unexpected and bold move in the cryptocurrency market capturing the massive attention of investors and traders 

Raoul Pal’s Crypto portfolio

In a recent podcast, Pal said that he has shifted 90% of his liquid assets into Solana (SOL), departing from his previous focus on Bitcoin (BTC) and other altcoins. However, Pal in his podcast also added, that, “90% of my liquid network is basically allocated right now to Solana. I don’t have much Bitcoin right now. It doesn’t mean that I don’t like Bitcoin; I think the others will go up more, simple as that.”

Pal’s confidence in Solana is backed by its strong market performance. Year-to-date, Solana has surged approximately 75%, significantly outpacing Bitcoin and Ethereum, which posted gains of 58% and 42%, respectively. Pal sees Solana’s trajectory as reminiscent of Ethereum’s explosive growth in 2018, suggesting that Solana could experience similar significant increases in value.

A major factor contributing to Pal’s strategic shift is Solana’s user experience, which he compares favorably to Apple’s ecosystem. “The comparison is like Android versus Apple. Solana feels like Apple; it’s a closed system, but it is very slick, very good, and will create great loyalty.

Ethereum is much broader, much more open in terms of other things that can be built on top of it,” Pal explained. This analogy highlights Pal’s belief in Solana’s potential to attract and retain users through its efficient and well-designed platform.

Pal’s move comes at a pivotal moment for the cryptocurrency markets, which are gearing up for a new phase of growth and adoption. He refers to this anticipated surge as the “Banana Zone,” predicting it will trigger widespread excitement and investment mania.

Investors’ interest in Solana 

Adding to the excitement around Solana, Franklin Templeton, a global asset management giant with over $1.64 trillion under management, has recently shown interest in Solana. This favor has fueled speculation about a potential Solana exchange-traded fund (ETF), which could provide a regulated pathway for institutional investors to gain exposure to the cryptocurrency.

However, the path to a Solana ETF is not without obstacles. One significant challenge is the absence of a CME futures market for Solana, a factor typically considered by the US Securities and Exchange Commission (SEC) when evaluating ETF applications.

Despite these regulatory challenges, Pal’s strategic shift highlights a broader trend in the crypto market. Investors are increasingly seeking assets with high growth potential and excellent user experiences, positioning Solana as a promising contender alongside established cryptocurrencies like Bitcoin and Ethereum. Pal’s move signals a significant development, highlighting Solana’s growing importance in the evolving cryptocurrency landscape.

The overall cryptocurrency market looks bullish following the approval of the spot Ethereum Exchange Traded Fund (ETF) in the United States. Today, at the BTC 2024 conference in Nashville, independent presidential candidate Robert F. Kennedy Jr. reaffirmed his strong support for Bitcoin. He said, 

“I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin,” Kennedy declared. “I am fully committed.”

RFK JR: "I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin. I am fully committed." pic.twitter.com/GrDB8nSirI

— Autism Capital (@AutismCapital) July 26, 2024

Bitcoin and its supporters

Bitcoin has become a major talking point in the current election cycle. Republican nominee Donald Trump’s campaign announced in May 2024, that it would accept cryptocurrency donations. 

This move has also gained significant backing from the crypto community. Notably, Kraken co-founder Jesse Powell donated $1 million in crypto to Trump, and the Winklevoss Twins contributed to a Trump-aligned political action committee (PAC).

Kennedy, known for his libertarian views, criticized the Federal Reserve, claiming it serves bankers rather than the general public. During the panel hosted by TheStreet, he stated that “The relationship between Congress and the Fed is parasitical to our country. The Fed is not a public institution. The decision-makers are appointed by the banking industry.”

Besides this, Kennedy also argued that COVID-19 lockdowns disproportionately favored billionaires over small businesses. “Lockdowns shut down all the small businesses in this country, which we should be nurturing, and kept open the Walmarts, Amazons, Facebook, the oil industry, processed food industries, and Big Agriculture. They all flourished during that period,” he remarked.

Importance of Bitcoin shares by presidential candidate

Earlier this year, in Austin, Texas, Kennedy highlighted the importance of cryptocurrency for financial independence. “We need sovereignty over our own wallets, transactional freedom, and a currency that is transparent. We need to ensure America remains the hub of blockchain technology,” he said.

Kennedy’s remarks at both conferences highlight his belief in Bitcoin as a tool for economic freedom and his criticism of current financial systems. As Bitcoin continues to be a pivotal issue in the 2024 election, Kennedy’s stance sets him apart as a staunch advocate for the cryptocurrency.

This move by Kennedy gained massive attention and may impact the overall crypto market in the coming days. Apart from Kennedy’s recent statement, on July 25, 2024, Jersey City Mayor Steven Fulop shared his plans to invest part of the city’s pension fund in Bitcoin ETFs, similar to the Wisconsin Pension Fund’s 2% allocation, as reported by Todayq News.

As of now, the fund is updating its SEC paperwork to include Bitcoin ETFs. Fulop, a crypto supporter, believes in blockchain’s significance. Wisconsin’s pension fund recently reported $164 million in Bitcoin ETFs. 

Following the approval of spot Ethereum Exchange Traded funds (ETFs) in the United States, the crypto adoption has massively surged. On July 25, 2024, Steven Fulop, the mayor of Jersey City since 2013, announced plans to allocate a portion of the city’s pension fund to cryptocurrency exchange-traded funds (ETFs).

Jersey City Mayor’s pension plan with crypto 

In a post on the X (Previously Twitter), Mayor Fulop revealed that the Jersey City pension fund is updating its paperwork with the United States Securities and Exchange Commission (SEC) to include an investment in Bitcoin ETFs.

Although Mayor Fulop did not specify the exact percentage of the fund to be invested in crypto, he indicated it would be similar to the 2% allocated by the Wisconsin Pension Fund. Fulop said,

“I’ve been a long-time believer (through ups and downs) in crypto, but broadly, beyond crypto, I believe blockchain is one of the most important new technology innovations since the internet.” 

The move comes amid growing interest in cryptocurrency investments among institutional investors. In May 2024, the State of Wisconsin Investment Board disclosed its exposure to spot Bitcoin ETFs issued by Grayscale and BlackRock, amounting to $164 million out of its $156 billion in assets.

The SEC approved the listing and trading of spot Bitcoin ETFs on U.S. exchanges in January 2024. So far, only the pension funds from Wisconsin and Jersey City are considering investments in these crypto ETFs.

While Mayor Fulop’s announcement has generated excitement among crypto enthusiasts, it is also noteworthy that major financial institutions like Wells Fargo and JPMorgan Chase have reported less than $1 million combined in spot Bitcoin ETF investments. This amount represents a tiny fraction of their trillions of dollars in assets, highlighting the cautious approach many large firms are taking toward cryptocurrency.

When does Jersey City invest in Crypto ETFs?

Mayor Fulop did not mention any plans to invest in spot Ether ETFs, which began trading in the U.S. on July 23. The potential inclusion of Ether ETFs could further diversify the city’s pension fund portfolio, aligning with the growing trend of incorporating various cryptocurrencies into institutional investment strategies. As Jersey City moves forward with its plans, the impact of this investment on the city’s pension fund and its beneficiaries will be closely watched.

Following all these developments in the crypto industry, the overall market looks bullish. Whereas, top crypto assets Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) experienced decent price surges after a market fall for the last two days. According to coinmarketcap, in the last 24 hours, BTC, ETH, SOL, and BNB have experienced a price surge of over 4.5%, 3.2%, 3.5%, and 3% respectively.

In this ongoing struggling cryptocurrency market, Marathon Digital Holdings (MARA) the largest Bitcoin miner in the industry, has purchased a notable $100 million worth of Bitcoin (BTC). This move marks a return to its previous strategy of holding all mined Bitcoin on its balance sheet, a shift from its recent practice of selling mined Bitcoin to cover operational costs.

Marathon Digital recent Bitcoin purchase

As of the latest update, Marathon Digital holds over 20,000 BTC, which is valued at approximately $1.3 billion based on current market prices. The company has also expressed its intention to acquire more Bitcoin from the open market, reflecting a renewed confidence in the long-term value of the digital asset.

The decision to revert to a HODLing strategy comes after nearly a year of selling Bitcoin to manage expenses. This strategy change aligns with a broader trend among Bitcoin miners. During the bullish phases of the crypto market, miners typically held onto their Bitcoin, benefiting from price increases. However, the prolonged bear market that began last year led many miners, including Marathon, to liquidate their holdings to remain financially viable.

Marathon’s Chief Financial Officer, Salman Khan, highlighted that the current market conditions, including Bitcoin’s recent price decline and the company’s robust balance sheet, created a prime opportunity to expand its Bitcoin holdings. Khan highlighted that the move is part of a broader strategy to leverage Marathon’s technological expertise and contribute to the growth of Bitcoin and the digital asset ecosystem.

Marathon Digital CEO’s words after BTC purchase 

Whereas, Fred Thiel, Chairman and CEO of Marathon Digital, highlighted the company’s renewed commitment to Bitcoin. “Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin,” Thiel stated. He further endorsed Bitcoin as a superior reserve asset and urged governments and corporations to consider it as part of their financial reserves.

The decision to HODL comes as Bitcoin experiences a partial recovery from its earlier market decline. The cryptocurrency has seen a resurgence this year, bolstered by institutional support and the introduction of spot Bitcoin exchange-traded funds (ETFs) in the U.S., such as those approved for BlackRock.

Despite reaching an all-time high above $70,000, Bitcoin is currently trading around $64,000, which represents a 51% increase for the year. As of June 30, 2024, Marathon Digital reported holding $268 million in cash. The company is scheduled to release its second-quarter earnings report on August 1, 2024.

Following the announcement, Marathon’s shares have seen a slight decline of about 2.5% in pre-market trading, mirroring a similar drop in Bitcoin’s price over the past 24 hours. Marathon’s strategic shift highlights its confidence in Bitcoin’s future potential, signaling a bullish stance on the cryptocurrency’s long-term value despite recent market fluctuations.

The cryptocurrency market experienced significant turbulence during Asian trading hours today, with Bitcoin (BTC) dropping below the $64,000 mark. This decline is part of a broader trend of selling pressure that has affected the entire market. A notable development in this scenario is the heavy leverage being used by traders to buy Bitcoin during this dip.

Is this a good level to buy Bitcoin? 

A crypto analyst Ali on X (formerly Twitter) highlighted that these traders have created a notable $30 million liquidation pool near the $63,800 mark. If Bitcoin’s price falls below this level, the pool will be liquidated, leading to further market volatility.

Amid this leveraged trading, Bitcoin whales are also making substantial moves. According to an on-chain analytics firm, Lookonchain reported that a prominent whale recently purchased 244 BTC, valued at $16 million. In total, this whale has added 921 BTC to their holdings, worth $60.6 million, at an average price of $65,821. This buying activity by whales indicates that some major investors remain confident in Bitcoin’s long-term prospects, despite its recent decline of more than 3.4% over the past 24 hours.

Ki Young Ju, the CEO and Founder of CryptoQuant, offered insights into the factors behind the market’s recent movements. He stated that the current downturn is likely driven by market sentiment rather than any external events.

Specifically, he noted that the repayments to Mt. Gox creditors have been completed and that trading volumes on the Kraken exchange are normal. Ju highlighted that any further price drops are likely due to negative market sentiment and continuous sell-offs of BTC and Ethereum (ETH) by large holders and institutions following the approval of a spot Ethereum ETF.

Technical analysis for Bitcoin

Amidst the market’s volatility, some analysts remain optimistic about Bitcoin’s potential for recovery. One analyst pointed out that technical indicators are showing a buy signal on the BTC hourly chart. Bitcoin is currently holding a support level at $63,350 and remains above the 200 Exponential Moving Average (EMA) on the 4-hour chart, a bullish indicator. Additionally, the Relative Strength Index (RSI) is in the oversold region, which also suggests a potential price recovery.

However, the market remains precarious. If Bitcoin fails to stay above the 200 EMA and the $63,350 support level, there could be a significant sell-off, potentially driving the price down to the next support level at $60,300.

As of now, Bitcoin is trading around $64,200, reflecting a 3.4% drop in the last 24 hours, with an intraday low of $63,770. Trading volume has increased by 10%, indicating heightened activity among investors and traders.

India is poised to disclose a crucial discussion paper on its cryptocurrency policy before September, according to Economic Affairs Secretary Ajay Seth in an interview with local media. This initiative marks a significant step in shaping the country’s regulatory stance on digital assets.

India’s policy position on cryptocurrencies

The discussion paper, which is expected to outline India’s policy position on cryptocurrencies, will serve as a foundation for stakeholder consultation rather than immediately proposing new legislation. Ajay Seth highlighted that the purpose of the paper is to present key issues and invite feedback from relevant parties.

“The policy stance is about consulting relevant stakeholders. We will release a discussion paper highlighting key issues and then gather feedback from interested parties,” Seth said.

The development of this policy is being overseen by an inter-ministerial group, which includes the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The RBI has traditionally been skeptical of cryptocurrencies, arguing that they pose risks to macroeconomic stability and favoring a ban on their use. On the other hand, SEBI supports the idea of regulating digital assets and has proposed that oversight should be distributed among several authorities.

India’s current crypto framework 

Currently, India lacks a comprehensive legislative framework for cryptocurrencies. However, the government has implemented strict taxes on the sector. Additionally, cryptocurrency entities must register with the Financial Intelligence Unit (FIU-IND) to comply with anti-money laundering (AML) and anti-terrorism financing standards set by global organizations such as the Financial Action Task Force (FATF). This requirement reflects a move towards legitimizing the industry and enhancing its credibility.

At present, India’s regulation of cryptocurrencies focuses primarily on AML and electronic funds transfer (EFT) regulations. “In India, cryptocurrencies are regulated from the perspective of AML and EFT alone. The discussion paper will explore whether the regulatory scope should be expanded and what the policy stance should be,” Seth noted.

In September 2023, Seth indicated that India would assess and determine its position on cryptocurrencies in the “coming months” after considering global perspectives on acceptable crypto regulatory frameworks. This statement came amid India’s presidency of the Group of 20 (G20), during which the country has prioritized achieving a consensus-based approach to global cryptocurrency regulation.

The upcoming discussion paper is expected to be a key document in guiding India’s future regulatory framework for digital assets, balancing economic stability with the need for effective oversight.

After the successful launch of spot Ethereum ETF (Exchange Traded Fund) in the United States the overall cryptocurrency market is massively falling. Amid this price drop the world’s biggest crypto asset Bitcoin (BTC) tanked below $64,000 for the first time in six days, likely due to the speculation that Mt. Gox creditors selling their Bitcoin. 

Mt. Gox repayment plan

This significant drop has raised concerns among traders and investors who had anticipated Bitcoin forming solid support around the $65,000 mark. However, Bitstamp has confirmed receiving assets related to the Mt. Gox repayment plan. Details on the transfer will be announced later as the exchange begins repaying Bitcoin and Bitcoin Cash to Mt. Gox creditors.

CryptoQuant founder Ki Young Ju reassured investors on July 24, 2024, stating, “The instant dump you worried about didn’t occur. Any price drop would be likely due to market sentiment, not Mt. Gox selling.” Ju added that all global time zones have passed since the Mt. Gox creditors’ repayment, suggesting that the market impact from these repayments has already been absorbed.

After the Mt. Gox creditors' repayment, all global time zones have passed.Kraken's spot #Bitcoin trading volumes and exchange flows are normal.The instant dump you worried about didn't occur. Any price drop would be likely due to market sentiment, not Mt. Gox selling. https://t.co/BKRCIMALsz pic.twitter.com/iZRejMgj83

— Ki Young Ju (@ki_young_ju) July 24, 2024

The recent decline follows a 2.5% decrease in Bitcoin’s price over the past 24 hours, wiping out $24.68 million in long positions, according to CoinGlass data. Currently trading at $64,280, Bitcoin is at risk of dropping below another critical level, according to CoinMarketCap data.

Factors that influence market sentiment 

Several analysts believe that the price drop might be influenced by seasonal factors, the launch of a spot Ether ETF, and even political events. Timothy Peterson, founder of Cane Island Alternative Advisors, linked Bitcoin’s underperformance to this time of year, which typically sees weak performance. 

“Our research indicates a consistent trend of underperformance from July 22 to Sept. 22,” Peterson added. He also added that this seasonal pattern sets up the frequently occurring “Uptober” that follows, where Bitcoin typically sees a rise in prices.

Charles Edwards, founder of Capriole Investments, suggested that the launch of spot Ether exchange-traded funds (ETFs) on July 23 might also be affecting market sentiment. Edwards remarked, “The ETH ETF launch has been bad for BTC and bad for ETH. ETH has been languishing this entire cycle, and now it’s muddied the waters at the institutional level with the ETF launch.”

Additionally, some traders attribute the decline to a correction after Bitcoin’s recent spike following news related to former US President Donald Trump. Pseudonymous crypto trader Roman said, “This pump was artificial, coming straight from the news that Trump’s assassination attempt failed + soon after swing states had him winning by several points.” Roman added that news-based moves often retrace significantly after the initial spike.

Despite these concerns, overall sentiment remains relatively positive. According to the Crypto Fear & Greed Index, which tracks market sentiment toward Bitcoin and crypto, the score reads “Greed” at 68, up seven points in the past week. This indicates that while there is some fear and uncertainty in the market, many investors remain optimistic about Bitcoin’s long-term prospects.

The overall cryptocurrency landscape is continuously evolving. After the approval of spot Ethereum ETF (Exchange Traded Fund) in the United States, today on July 24, 2024, Ferrari, the renowned Italian luxury sports car manufacturer, is set to roll out its cryptocurrency payment system across Europe by the end of July 2024. 

Source: Ferrari Europeans can now buy Ferrari with crypto

This development follows the successful introduction of the payment option in the United States in October 2023. As part of this expansion, Ferrari’s European dealers will begin accepting cryptocurrencies, enhancing the purchasing experience for clients. The company’s announcement underscores a significant shift towards integrating digital currency in high-end transactions, reflecting the growing acceptance of cryptocurrencies in traditional markets.

Ferrari’s move into the European market builds on its initial success in North America, where it collaborated with BitPay, a prominent crypto payment processor. BitPay is a well-known player in the cryptocurrency space, serving global brands like AMC Theaters and Newegg.

In the US and Canada, approximately 50% of Ferrari’s dealers have adopted the crypto payment system. In Europe, around 60% of dealers have either integrated or are in the process of integrating this new payment option. However, some dealers are excluded due to regulatory constraints and market readiness in certain countries.

Users can buy Ferrari with BTC, ETH, and USDC

The new payment system allows Ferrari customers to purchase vehicles using Bitcoin, Ether, and USDC. A key feature of Ferrari’s crypto payment infrastructure is its automatic conversion of cryptocurrencies into fiat currency. This means that when a customer makes a payment using digital currency, it is instantly converted into the local currency and deposited into the dealer’s bank account. This process mitigates the impact of cryptocurrency price volatility and ensures smooth transactions for dealers.

Additionally, the payment solution includes mechanisms to verify the source of funds, enhancing transaction security and compliance with regulatory standards. This innovation simplifies the payment process for both customers and dealers, aligning with Ferrari’s commitment to providing a seamless and modern purchasing experience.

Looking ahead, Ferrari plans to extend its cryptocurrency payment option to additional countries within its international dealer network by the end of 2024, wherever cryptocurrencies are legally accepted. This strategic move reflects Ferrari’s forward-thinking approach and its adaptation to evolving financial technologies.

In a market struggling with bearish sentiment, Pepe (PEPE) has emerged as a standout among Ethereum-based altcoins. On July 24, 2024, PEPE’s price surged by over 6%, and its trading volume skyrocketed by 40%. This impressive performance comes in the wake of a significant $107 million inflow into Ethereum Exchange-Traded Funds (ETFs), which has shifted investor focus towards PEPE.

Investors bullish on PEPE

This recent price and volume increase signals a strong shift in market confidence. CoinMarketCap’s data indicates that despite the overall bearish trend, investors are showing renewed interest in PEPE. The surge is particularly noteworthy given the broader market conditions and highlights a growing optimism about the token’s potential.

Research analysts have weighed in with optimistic predictions for PEPE. Historical patterns suggest that after a period of consolidation—currently observed in a 60-candle pattern—PEPE often experiences a significant rally. Analysts believe that this pattern is likely to repeat, which could lead to further gains in the near future.

PEPE open interest soars

The rise in PEPE’s open interest (OI) further supports the bullish outlook. According to Coinglass, OI for PEPE has increased by 10% in just the past four hours. This sharp rise in OI indicates that more traders are taking long positions in PEPE, reinforcing the positive market sentiment. Additionally, the launch of the spot Ether ETF on May 23, 2024, led to a substantial accumulation of Ether-based tokens, including PEPE. As the ETF gains traction, similar accumulation trends could further drive PEPE’s price upwards.

CoinGlass data also highlights that long positions in PEPE currently outnumber short positions, suggesting a shift from bearish to bullish sentiment. This shift is a strong indicator that market participants are increasingly confident in PEPE’s future performance.

In contrast to PEPE’s positive movement, other top meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) are struggling. Over the past 24 hours, DOGE, SHIB, and FLOKI have experienced price drops of 1.2%, 0.8%, and 1.1%, respectively. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also faced declines, with losses of 0.8% and 1.9%, respectively.

As the market continues to navigate through these fluctuations, PEPE’s impressive performance offers a glimmer of hope and could potentially set the stage for a broader recovery in the altcoin sector. Investors will be keenly watching to see if PEPE can sustain its upward momentum and capitalize on the shifting market dynamics.

Shibarium, the Ethereum layer-2 network that supports the Shiba Inu (SHIB) ecosystem, is nearing a significant achievement as it approaches its 6,000,000th block. With only a few blocks left to hit this milestone, the network’s progress is a testament to its ongoing development and resilience.

Overcoming early challenges 

Launched in August of the previous year, Shibarium initially faced several challenges, including a major technical glitch that temporarily halted transactions. However, the team behind Shibarium has worked tirelessly to address these issues, and the network has since stabilized. Currently, it handles an average of seven million transactions per day without experiencing major outages.

One of the critical developments for Shibarium has been the successful integration of ShibaSwap. This decentralized exchange platform, now operational on Shibarium, has enhanced the network’s functionality and provided users with a more efficient way to transact. The integration has been well-received within the community and is seen as a major step forward for the network.

SHIB price-performance analysis

Despite these advancements, the price of Shiba Inu (SHIB) has recently faced a downturn. As of the latest update, SHIB is trading at $0.00001726, representing a decline of over 2% from its previous levels. Historically, significant milestones for Shibarium have been expected to boost the value of SHIB, but this has not yet been the case.

The Shiba Inu community remains optimistic that reaching the 6,000,000 block milestone will eventually lead to a positive shift in SHIB’s price. As Shibarium continues to grow and enhance its offerings, stakeholders are hopeful that these achievements will eventually translate into increased value for the Shiba Inu token.

For now, the focus is on celebrating Shibarium’s progress and monitoring the network’s ongoing developments. The community is eager to see how these milestones will influence the future of both Shibarium and SHIB.

Besides all these, the overall cryptocurrency market is down by 0.56%, and top assets experienced a massive price drop. The reason behind this price drop is the massive Bitcoin (BTC) transfer by Mt. Gox. 

In the last 24 hours, top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) have experienced a price drop of over 1%, 2.2%, 1.5%, AND 1.05% respectively.

The cryptocurrency market saw a notable drop on July 24, 2024, as Kraken began distributing assets to creditors of the now-defunct Mt. Gox exchange. Recently, an on-chain analytic firm spotonchain made several posts on X stating where they have highlighted that Gt. Gox just moved a massive 34,608 Bitcoin (BTC). However, this action has led to concerns about increased selling pressure in the market. 

Mt. Gox transfers 34,608 BTC

According to a post on X, during the Asian trading hour, Mt. Gox transferred a notable 32,371 BTC worth $2.13 billion to a new wallet and later they just moved a massive 2,237 BTC worth $147 million to a cryptocurrency exchange Bitstamp. 

Mt. Gox just moved another 2,237 $BTC ($147M) to #Bitstamp 5 minutes ago.To repay creditors, Mt. Gox has transferred out 54,662 $BTC ($3.44B), including: Deposited 1,545 $BTC ($83.5M) to #Bitbank on Jul 5; Moved 48,641 $BTC ($3.06B) to wallet “3JQie”, possibly a… https://t.co/jugEHC8oUE pic.twitter.com/CGtOXkhUSP

— Spot On Chain (@spotonchain) July 24, 2024

This notable BTC transfer has gained massive attention from investors and traders as a result the overall market is down by 0.56%. Whereas, top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others experienced a price drop.

According to coinmarketcap, BTC fell to $65,500, marking a nearly 4% decrease over the past 24 hours. Bitcoin Cash (BCH) experienced a more significant drop, losing over 7% in the same period. Whereas, the Index that tracks the performance of major cryptocurrencies, declined by 3%. Leading altcoins like Solana (SOL), Ripple’s XRP (XRP), and Cardano (ADA) also saw declines between 4% and 5%.

Ether remains steady 

On the other hand, Ether (ETH) managed to outperform most other cryptocurrencies, remaining relatively stable at just below $3,500. This stability was supported by strong trading volumes for U.S.-listed spot exchange-traded funds (ETFs) on their first day of trading.

The price action comes as multiple creditors of Mt. Gox reported receiving their cryptocurrencies after a decade of waiting. Mt. Gox, once a major crypto exchange, collapsed in 2014 following a significant hack. This month, the Mt. Gox estate started transferring assets to several crypto exchanges, allowing users to reclaim their funds over the coming weeks.

Mt. Gox tokens distribution 

The distribution of nearly $9 billion worth of BTC and BCH has raised concerns among digital asset investors. Many are worried about how much of these assets creditors might sell in the open market, given the significant price increase over the past ten years.

Crypto prices have often reacted negatively to news related to Mt. Gox asset movements. Earlier today, Bitcoin fell to around $66,000 after Mt. Gox wallets moved $2.8 billion worth of assets, including $130 million in BTC, to the exchange Bitstamp, indicating the start of asset distribution to creditors.

Investors are closely watching the market to see how this distribution will impact cryptocurrency prices in the coming weeks.

Ethereum co-founder Vitalik Buterin has introduced an innovative cryptographic protocol called Circle STARKs, which aims to enhance blockchain security and efficiency. Buterin in his latest blog post explains, how Circle STARKs use smaller mathematical fields to significantly speed up proof generation without sacrificing security.

What is Circle STARKs?

Traditional cryptographic protocols called STARKs (Scalable Transparent ARguments of Knowledge) use large 256-bit fields to ensure security. While effective, these fields are often slow and computationally expensive. Circle STARKs, on the other hand, use smaller fields, such as Mersenne31, which greatly reduces computational costs and speeds up the proof process.

Smaller fields mean Circle STARKs can perform operations much faster. For instance, they can verify 620,000 Poseidon2 hashes per second on an M3 laptop, a significant improvement over older methods. This increase in speed and efficiency could be a game-changer for blockchain technology, making transactions faster and more efficient.

One challenge with smaller fields is that they have fewer possible values, making them vulnerable to brute-force attacks. Traditional small fields are limited in the number of values they can handle, which can be exploited by attackers trying numerous combinations. Circle STARKs overcome this by conducting multiple random checks and using extension fields. These methods expand the set of values that attackers need to guess, making it extremely difficult for them to succeed, thus maintaining strong security.

Buterin notes that while there are about two billion possible values for xxx in smaller fields, the enhanced verification methods of Circle STARKs create a computationally prohibitive barrier for attackers. This ensures that the security of the blockchain is not compromised.

Ensuring integrity with Circle FRI

A crucial part of Circle STARKs is the Fast Reed-Solomon Interactive Oracle Proofs of Proximity (FRI). This technique checks that a function is a polynomial of a certain degree, ensuring that non-polynomial inputs fail the proof. Circle FRI, an approach that maintains the integrity of the cryptographic process, ensures that the security measures are robust and reliable.

Circle STARKs represent a significant advancement in blockchain technology. By using smaller fields and innovative mathematical techniques, they offer faster, more efficient, and secure transaction proofs. This new protocol could pave the way for more flexible and high-performance blockchain applications.

Vitalik Buterin’s introduction of Circle STARKs marks an exciting development for the crypto community, promising both improved security and efficiency. With these advancements, the future of blockchain technology looks brighter and more promising than ever.

Following the recent approval of a spot Ethereum Exchange-Traded Fund (ETF) in the United States, the broader cryptocurrency market has been under significant selling pressure. Despite this trend, Bitcoin ETFs are experiencing unprecedented inflows, signaling strong investor confidence in Bitcoin.

$534 million of inflow in Bitcoin ETF

According to data from the on-chain analytics firm Spotonchain, Bitcoin ETFs have seen an influx of over $534 million over the past 12 trading days. Among these, BlackRock’s iShares Bitcoin Trust (IBIT) stands out with a remarkable inflow of half a billion dollars. This is the largest inflow IBIT has experienced since March 13, 2024. With this influx, IBIT’s total inflows have now surpassed $19.5 billion, and its holdings have soared to 325,000 BTC, valued at approximately $22.5 billion.

$BTC #ETF Net Inflow July 22, 2024: +$534M (BIG DAY) – pending!• The net inflow remains positive for 12 consecutive trading days.• The above inflow figure does not include #Bitwise (BITB) data.• #BlackRock (IBIT) recorded half a billion inflow. This ETF has not seen… pic.twitter.com/VkJ7q62mu6

— Spot On Chain (@spotonchain) July 23, 2024

The substantial inflow has positively impacted IBIT’s share price, which has risen by 2.56% in response. Over the last two weeks, IBIT has seen its share price increase by over 20%, and in the past 30 days, it has gained more than 15%. This strong performance highlights the growing investor interest in Bitcoin amid market volatility.

In contrast, VanEck’s HODL ETF experienced a notable outflow of $38.4 million, the largest single-day outflow since the ETF’s launch. Additionally, Grayscale’s GBTC reported no new inflows, indicating a stark difference in investor sentiment across different Bitcoin ETFs.

Bitcoin technical analysis

Technical analysis of Bitcoin (BTC) reveals that it remains bullish, although it is currently testing a critical demand zone. As of writing, BTC is trading around $66,700, hovering near a crucial support level of $66,200. This demand zone has been tested multiple times since July 19, 2024. Persistent testing could weaken this support level, potentially leading to a price drop to $64,000 if BTC fails to hold its ground. However, Bitcoin’s price remains above the 200 Exponential Moving Average (EMA) on both daily and 4-hour charts, indicating a bullish trend.

Despite a recent price drop of over 1.5% in the last 24 hours, investor and trader participation has surged by 45%. Over the past 30 days, Bitcoin has appreciated by 4.7%, reflecting sustained interest and confidence in the cryptocurrency market, even amid broader market challenges.

U.S. regulators’ approval of a spot Ethereum Exchange-Traded Fund (ETF) has triggered a widespread sell-off, with institutions quickly offloading their tokens. This recent market turbulence has significantly impacted Solana (SOL), the fifth-largest cryptocurrency by market capitalization.

Whales move $57 million of SOL 

In the last 24 hours, a notable amount of SOL nearly $57 million has been moved to Binance, a leading centralized exchange (CEX). This massive transfer was executed in two separate transactions: the first involved a transfer of $33 million worth of SOL, while the second saw $35.16 million worth of SOL move to the exchange.

This sudden influx of SOL on Binance comes amid a broader market decline following the ETF approval, highlighting a shift in investor sentiment. Currently, SOL is testing a critical resistance level of $185, a key point where the price has struggled to break through. 

Technical analysis of Solana 

Technical analysis indicates that while SOL may have bullish prospects over a longer time frame, it is exhibiting bearish patterns in the short term. Specifically, SOL is forming a “double-top” pattern—a technical indicator that often precedes a price drop.

The Relative Strength Index (RSI), which measures the speed and change of price movements, is currently in the overbought zone. This suggests that SOL’s price may be due for a correction soon. Additionally, the open interest (OI) in SOL has decreased by 1.65% in the past 24 hours, reflecting a reduction in market interest and potentially signaling bearish sentiment among traders.

Historical data and chart patterns indicate that SOL could potentially fall to around $160. If this decline materializes, it could lead to the liquidation of approximately $92 million in long positions, according to CoinGlass data. This would further amplify the bearish trend and could impact market sentiment more broadly.

At present, SOL is trading near $176.60, marking a 1.2% decline over the past 24 hours. The cryptocurrency reached an intraday high of $182 but has since faced downward pressure. Despite this recent dip, SOL has experienced a notable 16% price surge over the past week, illustrating the cryptocurrency’s inherent volatility.

As the market adjusts to the fallout from the ETF approval and investor behavior shifts, the future performance of SOL will be closely monitored. The ongoing developments underscore the unpredictable nature of the cryptocurrency market and the importance of staying informed about market trends.

U.S. regulators have approved spot exchange-traded funds (ETFs) that hold Ethereum’s ether (ETH), allowing United States investors easier access to the second-largest cryptocurrency. This move comes after the successful approval of Bitcoin (BTC) ETFs in January 2024 and is seen as a major step forward in the crypto investment landscape.

US SEC green light spot Ethereum ETF

The approval process for spot Ethereum ETFs has been a long journey. After years of expectation, the Securities and Exchange Commission (SEC) finally gave the green light, bringing much excitement to the crypto community.

This approval is expected to make Ethereum investments more accessible to traditional investors, who can now buy and sell these funds through their regular brokerage accounts. Packaging ether in an ETF format is anticipated to attract a broader range of investors who prefer the familiarity and simplicity of traditional financial products.

Since their debut, Bitcoin ETFs have attracted tens of billions of dollars in investments. The approval of Ethereum ETFs has sparked optimism for similar success. Matt Hougan, Chief Investment Officer at Bitwise, highlighted the significance of this development by stating, “We’ve now fully entered the ETF era of crypto. Investors can access over 70% of the liquid crypto asset market through low-cost ETPs.”

Expert words and Ether price prediction 

Kyle DaCruz, Head of Digital Assets at VanEck, expressed his excitement about the approval, stating, “Being the first to file for an Ethereum ETF back in 2021, we have long believed investors should have access to Ethereum in a familiar investment vehicle. If Bitcoin is digital gold, then Ethereum is like the open-source App Store for blockchain applications.”

The launch of Bitcoin ETFs in January was incredibly successful, driving Bitcoin’s price to new all-time highs after surging more than 58% within just two months.

Analysts believe that a spot ETH ETF could similarly boost ETH price, potentially reaching up to $6,500. However, some experts predict that the inflows into Ethereum ETFs might not match those of Bitcoin ETFs.

Research firm Steno Research forecasts that the newly launched Ethereum ETFs could see $15 billion to $20 billion in investments within their first year. While this is a substantial amount, it is comparable to the inflows that Bitcoin ETFs have seen in just seven months. Ethereum, unlike Bitcoin, does not have the same first-mover advantage or a similarly strong narrative, such as the “digital gold” belief among Bitcoin supporters.

Despite these differences, the approval of Ethereum ETFs represents a major milestone in the crypto world. It provides investors with more options and further legitimizes the presence of cryptocurrencies in traditional finance. As the crypto market continues to evolve, the introduction of these new investment vehicles is expected to attract a broader audience and enhance the overall growth and adoption of digital assets.

India’s Finance Minister Nirmala Sitharaman is set to unveil the 2024-2025 budget on Tuesday, and crypto industry experts are not expecting any major changes to the controversial tax-deducted-at-source (TDS) policy on crypto transactions. This budget is particularly noteworthy as it will be the first since Prime Minister Narendra Modi’s re-election for a third consecutive term.

TDS policy and industry demands

However, Modi’s Bharatiya Janata Party (BJP) fell short of a majority in the recent elections, necessitating a coalition government. This shift could influence budget allocations, with coalition partners demanding over $15 billion in funding for various projects.

For the cryptocurrency sector, the TDS policy remains a critical issue. Introduced two years ago, the TDS rate stands at 1%. The Bharat Web3 Association (BWA) has been advocating for a reduction to 0.01%, arguing that the current rate encourages capital flight to international exchanges and decentralized platforms, resulting in potential revenue losses for the government. The BWA has supported its request with data from studies, suggesting that a lower rate could keep more transactions within India and boost government revenues.

Challenges and industry perspectives

Punit Agarwal, founder of the crypto taxation platform KoinX, doubts the TDS rate will be reduced anytime soon. He points out that the high rate drives investors to seek alternatives outside the country, undermining the potential benefits for the Indian economy.

Other industry demands include shifting to a progressive tax system on gains rather than the existing flat 30% rate and allowing losses to offset gains. Additionally, there are calls for clearer multi-agency regulation of the sector.

Despite a recent $230 million hack of crypto exchange WazirX, which might have shifted focus away from crypto issues, the BWA remains hopeful. They were invited to discuss their concerns with the Finance Ministry as part of pre-budget consultations, a positive sign compared to the previous year when they were not consulted.

Nevertheless, Rajat Mittal, a Supreme Court crypto tax counsel, believes that the government’s emphasis on stringent regulation may overshadow industry demands for tax relief. The priority appears to be on establishing robust oversight in the digital asset space rather than addressing the current tax concerns.

As the budget announcement approaches, the crypto industry waits to see if any of their requests will be addressed in the new fiscal plan.

The cryptocurrency market is experiencing a bullish phase, with Solana (SOL), the world’s fifth-largest digital asset, drawing significant attention from investors and institutions. Over the past week, SOL’s impressive price surge of over 18% has garnered widespread interest.

Why MEW price is increasing?

In the wake of SOL’s success, Cat in a Dogs World (MEW), a meme coin based on Solana, has also experienced a remarkable price increase. MEW saw a surge of over 45% in just the last 24 hours, driven by SOL’s performance, excitement around potential spot Exchange Traded Funds (ETFs) in the U.S., and strong interest from Korean investors.

On July 21, 2024, investor Joshua shared insights that Upbit, a major cryptocurrency exchange, has been handling daily trading volumes of over $90 million in popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Meanwhile, Bithumb, another prominent exchange, reported that MEW is performing as well as the top meme coins combined, leading in total trading volume in the spot market.

$MEW might be the first cat coin that Koreans love.In Korea, we have two major exchanges:1. Upbit2. BithumbThe problem is,Upbit only has major memes like Doge and SHIB, with a daily trading volume of $90M.On the other hand, Bithumb has $MEW, which is doing as much… pic.twitter.com/CQr5edxJB5

— Joshua | MOZAIK (@JoshuaDeuk) July 21, 2024

Following this heightened interest and trading volume, MEW’s open interest (OI) soared by 130% in the past 24 hours, according to on-chain analytics firm CoinGlass. Additionally, MEW’s future open interest reached an all-time high of over $140 million in the same period.

MEW price-performance analysis

As of now, MEW is trading around $0.0080, marking a  45% increase in the last 24 hours. Over the past week, MEW has seen a substantial rise of over 130%. This surge has been echoed by other Solana-based meme coins like dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME), which have enjoyed gains of 50%, 32%, and 20% respectively in the last week.

The excitement around Solana and its associated meme coins can be attributed to several factors. First, SOL’s impressive performance has naturally attracted more attention to the Solana ecosystem. Second, the anticipation of potential spot ETFs in the United States is generating optimism in the market. Finally, the strong interest from Korean investors, who have shown a particular affinity for meme coins, is further driving the price surge.

Solana’s bullish momentum is not only boosting its own value but also propelling the prices of associated meme coins, with MEW leading the charge. As the market continues to evolve, investors will be keenly watching for whether MEW can maintain its upward trajectory or if it will face another sell-off at its historical resistance level.

The cryptocurrency market is buzzing with excitement following President Joe Biden’s unexpected decision to withdraw from the 2024 presidential race. This political shift has heightened speculation about a potential game-changer for Solana (SOL)—the approval of a Solana Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

Will the SEC approve Spot Solana ETF?

Nate Geraci, the President of The ETF Store, has sparked discussions on X (formerly Twitter) by suggesting that major ETF issuers like BlackRock, Fidelity, and VanEck could soon submit filings for ETFs covering Bitcoin (BTC), Ethereum (ETH), and Solana. This prospect could mark a significant development for crypto investors, especially since the SEC has so far only approved ETFs for Bitcoin. Ethereum ETFs are also on the horizon, with approval expected within the next month.

Prediction…An ETF issuer will file for combined spot btc, eth, & sol ETF in next few months.We’re quickly heading down path towards index-based & actively managed crypto ETFs.

— Nate Geraci (@NateGeraci) July 22, 2024

Currently, only two ETF issuers—VanEck and 21Shares—have put forward filings under Rule 19b-4 with the SEC. However, Geraci’s hints at a forthcoming Solana ETF approval have created a buzz, with many anticipating that this could occur within the next month. If this happens, it could significantly influence Solana’s market value and related tokens.

Solana technical analysis 

Solana’s recent technical analysis is also turning heads. The cryptocurrency has been trading above its 200 Exponential Moving Average (EMA), indicating a bullish trend. Yet, it faces strong resistance at the $186 mark. If SOL breaks through this barrier and closes above $186, it could see a surge toward the $200 level or higher.

Investor interest in Solana is growing. On-chain data from CoinGlass reveals a 9% rise in SOL open interest over the past 24 hours, marking its highest level since June 2024. The current data shows a notable shift towards long positions, with bulls dominating. Interestingly, $108 million in short positions are set around the $186.5 level, suggesting that some traders believe Solana will struggle to surpass this price.

At present, Solana is trading at approximately $179, having gained over 4% in the last 24 hours, and hitting an intraday peak of $185. Over the past week, SOL has surged more than 18%, outperforming both Bitcoin and Ethereum.

With the potential for a Solana ETF approval looming and rising investor confidence, the coming weeks could be pivotal for Solana. As the market anticipates these developments, all eyes will be on the SEC’s decisions and Solana’s price trajectory.

Today, on July 22, 2024, Solana-based Dogwifhat (WIF) and Dogecoin (DOGE) have gained massive attention from investors and traders following a significant price surge in the last 24 hours. According to CoinMarketCap, both WIF and DOGE are leading the crypto meme industry, having experienced price surges of over 8% and 10%, respectively.

WIF and DOGE leading the meme sectors

The reason behind this massive price surge is the recent breakout and retest of the bullish double-bottom price action pattern, coupled with the breakout of a major resistance level. This bullish momentum has caught the attention of traders and investors, driving substantial interest in both WIF and DOGE. Additionally, this surge occurred while the overall crypto market was down by 2.2%.

However, investors and traders also showed strong interest in these meme coins, as their Open Interest rose by over 5% and 15% in the last 24 hours, according to data from on-chain analytics firm CoinGlass.

According to Coinmarketcap, WIF is currently trading near $2.83 and it experienced a price surge of over 8% in the last 24 hours. Whereas, in the last last 7 days WIF has experienced a price surge of over 50% as its price soars from $1.82 to $2.83.

With WIF’s impressive price surge in the last 24 hours, traders and investors have strongly participated in WIF as its trading volume has risen by 35%.

WIF technical analysis and key levels 

According to expert technical analysis, WIF is looking bullish as it gave a breakout of a bullish price action pattern. The WIF daily chart signals that there is a high possibility that it can hit the $3.9 level or more in the coming days. Additionally, Solana ETF speculation also impacts the price of WIF as it is one of the top meme coins which is based on Solana Network. 

Whereas, DOGE is currently trading near $0.142 and it experienced a price surge of over 10% in the last 24 hours. Meanwhile, it has experienced a 20% price surge in the last 7 days, and its price has risen from $0.11 to $0.14 in the same period. 

Additionally, investors’ and traders’ participation also rose as its 24-hour trading volume surged by 30%.

DOGE technical analysis and key levels

According to expert technical analysis, DOGE is also looking bullish and there is a high chance that it can hit the $0.17 level and $0.20 level. Besides this, it is moving above the 200 Exponential Moving Average (EMA) which also signals bullishness in the chart. 

Besides WIF and DOGE, the overall cryptocurrency market is turning bullish, and major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others have also experienced massive price surges in the last 7 days. According to coinmarketcap, BTC, ETH, and SOL have experienced a price surge of over 8%, 5%, and 18% respectively, in the last 7 days.